Tag Archives: Korea

Korean Blockchain Consortium ft. 27 firms

A new Korean Blockchain Consortium has been created by 27 firms and startups with the goal of developing tools to manage trade financial processes.

This Korean Blockchain Consortium is composed with both major companies of the financial sector and technology startups.

According to The Loop startup the Korean Blockchain Consortium was born for this reason:

“Beyond providing the blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype that is to reduce the cost and operational risk in trade finance and ultimately improve trade efficiency”.  

The Korean Blockchain Consortium includes Daishin Securities, Dongbu Securities, Yualta Securities Korea and Kiwoom Securities.

Some of these members have already worked in the blockchain field with regional startups.

The blockchain project was organized by the Korea Financial Investment Association, or an industry trade group based in South Korea.

This is the second blockchain-related project born in Korea and its creation last week comes after another news about the formation of a consortium spearheaded by the South Korean government.

Also, in October the East Asian government started to create its public-private consortium supported by the most important banks in South Korea and their major regulator, or the Financial Services Commission (FSC).

“With the creation of the consortium, momentum is expected to start for spreahading the development of technology and service in the blockchain field, rather than passively following the footsteps of advanced nations,” explained Kim Yong-beom, chairman at Financial Services Commission.

The government consortium aims at creating a new task force to regulate the technology in the banking sector.

To read more news related to the Korea effort in the Blockchain sector, click here.

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Amelia Tomasicchio

Korea announces favorable tax policy for Bitcoin

(BitcoinBabble) The bitcoin community in Korea is small, but growing, and it seems
that governments around the world are taking the US Senate’s recent
hearings as a signal to begin determining at least temporary policies
regarding our favorite cryptocurrency.

Posted in Korea’s Bitcoin Community on Facebook
is a statement from Korea’s National Tax Service stating that Koreans
will not be taxed for capital gains on bitcoin for the time being.

While this is clearly good news for the few long-time miners in Korea
as well as speculators that have experienced a windfall in the past
month, it is important to remember that this is not a good long-term
position toward bitcoin. Essentially, the Korean government is taking
the stance that bitcoin investments are not real.

Currently, bitcoiners are happier to be left alone by the governments
of the world and such a policy supports this in the long term. But if
we hope to see bitcoin rise to a more commonly-accepted and competitive
currency, we will need governments to recognize that BTC does, in fact,
bear value and follow “safe and sane” regulatory procedures. While this
is not the time to hold the argument
over how much and what kind of regulation would be appropriate and
positive, I think that most bitcoiners will agree that we don’t want it
to be seen as monopoly money forever. Near-universal recognition and respect is needed.

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